Economy

Chancellor reverses almost all mini-budget tax cuts  

According to the new chancellor, the measures announced today will raise around £32bn a year

Newly appointed chancellor Jeremy Hunt has reversed almost all of the mini-budget commitments made by previous chancellor Kwasi Kwarteng last month, in a statement made at the Treasury today (17 October).

He confirmed the basic rate of income tax will remain at 20% “indefinitely” until the economic situation stabilises, marking a U-turn from previous plans to lower the rate to 19%.

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